Sponsored

The reality

You’ve probably never read your building’s property management contract all the way through. Most board members haven’t either. If you did, you’d find a carefully defined scope of work — vendors coordinated, maintenance dispatched, assessments collected, reports generated.

What you wouldn’t find: anything about fiduciary duties. Reserve funding strategy. Compliance tracking. Case documentation. Institutional memory. The legal obligations that make your board personally accountable to unit owners.

That’s not an oversight in the contract. It’s the contract. Property management was never designed to cover governance. And yet most boards — paying $10,000 to $18,000 a year for the service — assume it does.

Operations and governance are different jobs. One has a contract. The other has a fiduciary duty.

What your building is paying — and what it’s getting.

What the contract covers. What it doesn’t.

The markup problem most boards don’t know about.

Beyond the management fee, most property management companies mark up vendor invoices — the plumber, the landscaper, the elevator contractor — by 10 to 15 percent before passing the bill to the association. It’s legal. It’s common. And boards have almost no visibility into it. (more…)


Event

Join Mindful Movement DC this Memorial Day Weekend for a 3 night yoga retreat to rebalance strength & softness in our lives! During this weekend in the woods, we will create a sacred space to nourish and embrace our whole selves through yoga, meditation, journaling, time in nature, and community building.

Event led by:


Rant/Revel


photo by Seanie Blue Moon

You can talk about whatever is on your mind – quality of life issues, a beautiful tree you spotted, scuttlebutt, or any random questions/thoughts you may have. But please no personal attacks and no need to correct people’s grammar. This is a place to vent and/or celebrate things about daily life in D.C.

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City Kids

From an email:

“The DowntownDC Business Improvement District (BID), the place management organization that oversees 140 blocks of the downtown area, today announced the return of Kids World, a free two-day event designed for young children, teens, and families. On July 27 and July 28, Franklin Park and “I Street” will be completely transformed, hosting 30 immersive activations that promote literacy, performing arts, health and fitness, creativity, science, nature, entrepreneurship and more. (more…)